FED: Trump Says He Has Made Up His Mind On Fed Chair Pick – NYT

• "*FRENCH LAWMAKERS BACK SPENDING PART OF SOCIAL-SECURITY BUDGET" - bbg
• Le Monde, translated: "Members of Parliament adopt the third part of the Social Security budget relating to expenditure. On Tuesday, members of parliament adopted the third part of the draft social security financing bill (PLFSS) for 2026, relating to expenditure, with 227 votes in favor and 86 against."
• OATH6 is currently at 120.55 (+0.38) having briefly touched a session high of 120.59 in late trading on the headline of being passed. Initial short-term resistance is yesterday's 120.74 high.
• Recall that the outcome of today's vote was crucial to the progress of overall budget negotiations (the State budget is currently being reviewed by the Senate), and by extension OAT performance where improved prospects had seen the OAT-Bunds spread narrow towards 70bps (70.6bps at the cash close earlier).
• The revenue section of the Social Security budget was passed on Friday, but this was in part due to several absentees from the far-right RN - who are unambiguously opposed to the bill.

• Date $MM Issuer (Priced *, Launch #)
• 12/09 $750M #Bank of Montreal 2NC1 +50
• 12/09 $500M #American National Global Funding 3Y +100
• $3.6B Priced Monday

WI 10Y has inched up to 4.175% from 4.170% earlier - ahead of the $39B 10Y note auction re-open (91282CPJ4) cut-off at 1300ET, compares to last month's tail: high yield of 4.074% vs a when-issued yield of 4.068%